With the rapid advancements in the application of Artificial Intelligence (AI) in business, the impact of AI is undeniable. From virtual personal assistants to revolutionising industries, AI is transforming the way we conduct business. Explore the latest artificial intelligence applications in various industries below:
Finance and Banking
Applications of Artificial Intelligence in this sector include chatbots, fraud detection, and task automation. This will streamline business processes and offer customers access to their bank accounts and financial advice through robo-advisors 24/7, ensuring better customer experience and satisfaction.
One banking institution that has successfully leveraged AI is JPMorgan, a US-based finance and banking company. With AI, the company has been able to mitigate the risk of fraud, provide customized services and product recommendations, and respond to customers’ queries through chatbots/virtual assistants more quickly. This can replace the old experience of waiting for a representative on the phone line, improving customer service and operational efficiency.
AI is becoming synonymous with the concept of automation, meaning that business processes can be executed automatically without any human intervention, minimising the possibility of human errors and increasing efficiency. This makes it ideal for manufacturing and assembly processes. However, as time goes on, the applications of Artificial Intelligence have become more sophisticated.
A case in point is the 2017’s ISBA, an annual conference for the British advertising trader body, where the first AI creative director was introduced. The AI competed with a human creative director to produce a commercial and then presented it to 200 executives. As it turned out, the executives preferred the AI creative director. Perhaps, this is why Coca-Cola is considering using of using AI bots to create their ads.
The presence of Artificial Intelligence and machine learning has allowed doctors to save time in treatment planning. By feeding the learning algorithms numerous data sets from different patients and diseases, AI can analyse and advise on the best course of action for new patients. By doing so, doctors would not need to spend hours developing the right treatment plan. One healthcare company that has leveraged this technology is Varian, a pioneer in providing cancer care and solutions.
The applications of Artificial Intelligence have transformed the field of e-commerce, providing solutions that drive customer engagement and streamline business operations. One prominent use is the integration of AI-powered chatbots, which utilise natural language processing and machine learning to provide personalised customer support and recommendations. Another significant application is the implementation of AI-driven recommendation engines. By analysing user data and behaviour, these engines generate personalised product recommendations, leading to increased cross-selling and upselling opportunities.
As the latest advancements in the application of artificial intelligence continue to unfold, we can anticipate further innovations and applications in the e-commerce industry. From personalised marketing strategies to intelligent inventory management, AI is reshaping the way businesses operate and engage with customers in the digital landscape.
The Issue with AI
But the applications of Artificial Intelligence also come with challenges, like a small talent pool of available experts, and the hesitancy of employees to work alongside it – fearing that Artificial Intelligence will replace them.
Their fear is not without reason; research conducted by PwC found that 30% of jobs in the UK, 38% in the US, 35% in Germany, and 21% in Japan are in danger of being replaced by automation. Therefore, addressing these concerns is crucial to guaranteeing a coexistence of humans and Artificial Intelligence in the office.
Despite the latest Artificial Intelligence applications, it still cannot replace several sectors that need a ‘human touch,’ such as doctors and nurses in healthcare. A.I. has not yet been able to form ‘connections’ with humans, sharing the same values and empathy.
The lack of human values may lead to AI facilitating unlawful acts such as wars between nations leveraging autonomous robots. Therefore, having regulations on artificial intelligence ethics is essential. One example was when Elon Musk and 116 AI experts urged the United Nations to ban AI in weapons.
According to a 2023 article in Forbes Advisor, the transformative potential of AI, demonstrated by ChatGPT’s ability to generate content quickly, personalise customer experiences, and streamline job processes, is rapidly reshaping various aspects of business operations. While concerns about technology dependence and workforce reduction exist, most business owners anticipate positive impacts from the continued applications of Artificial Intelligence.
Like any other technological advancement, the benefits of artificial intelligence can be a boon to the human race. But, the applications of Artificial Intelligence must not lead to a global employment crisis. It is also essential that AI and machines live alongside and benefit each other in the years to come.
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